FG Pushes for Enhanced Transparency in Extractive Sector Via EITI Validation

The Nigerian Federal Government has called upon key players in the nation's extractive sector to utilize the upcoming 2026 Extractive Industries Transparency Initiative (EITI) Validation Exercise as a crucial opportunity. The objective is to reinforce transparency, accountability, and governance reforms within the critical oil and mining industries. According to the government, this validation process should extend beyond mere compliance, serving as a catalyst for institutional changes aimed at boosting public confidence, attracting investments, and ensuring sustainable management of Nigeria’s vast natural resources.

Senator George Akume, who serves as the Secretary to the Government of the Federation (SGF) and Chairman of the National Stakeholders’ Working Group, delivered this message on Monday. He was speaking at the opening of a three-day Joint Strategic Retreat in Abuja, organized for members of the National Stakeholders’ Working Group and the Senior Management Team of the Nigeria Extractive Industries Transparency Initiative (NEITI).

The retreat, themed "Strengthening EITI Implementation from Extractive Sector Reporting to Impact," forms an integral part of Nigeria's preparations for the forthcoming EITI Validation Exercise by the international body. A statement released by the Office of the SGF on Monday quoted Akume as urging all stakeholders to view the validation as "a strategic opportunity to deepen transparency, strengthen accountability and entrench good governance for sustainable national development."

Akume further lauded the National Stakeholders’ Working Group and the NEITI Secretariat for their unwavering dedication to promoting transparency and accountability across Nigeria's extractive industry. He stated, "I commend the significant work already undertaken by NEITI, particularly in making the submission to EITI and the various on-going strategic engagements with stakeholders in preparation for the forthcoming visit of the EITI International Validation Team. These efforts demonstrate Nigeria’s commitment to an inclusive, transparent and credible Validation process."

The SGF emphasized that the true measure of success for EITI implementation should not be solely based on the quantity of reports generated, but rather on the tangible impact of transparency on governance and national development. He articulated this by saying, "Success in EITI implementation should not be measured merely by the number of reports produced or the volume of information disclosed, but by the extent to which transparency strengthens public institutions, enhances investor confidence, restores public trust in resource governance and contributes to sustainable national development."

Senator Akume highlighted that the 2023 EITI Standard places increased importance on systematic disclosures, beneficial ownership, contract transparency, state-owned enterprises, anti-corruption measures, environmental reporting, energy transition, and meaningful stakeholder participation. He affirmed that these priorities align perfectly with President Bola Tinubu’s "Renewed Hope Agenda," and Nigeria remains steadfast in its commitment to implementing these reforms.

Describing the upcoming validation as a critical benchmark, Akume noted that it offers Nigeria a chance to showcase progress in enhancing governance within the extractive sector while also addressing any outstanding corrective actions. He reiterated President Tinubu's pledge to provide the necessary leadership for effective EITI implementation across all relevant government institutions. The SGF concluded by stressing that the validation process remains a vital mechanism for bolstering public confidence in the management of Nigeria's natural resources. He also commended NEITI's commendable progress in preparing for the validation, particularly its submission to the EITI International Secretariat and ongoing engagements with stakeholders. Akume tasked participants at the retreat to review achievements, foster deeper collaboration, tackle remaining priorities, and formulate practical strategies to ensure a successful validation outcome and drive long-term governance reforms in the extractive sector.